Eurozone Inflation Hits 3.3% as Energy Prices Soar

The eurozone's inflation rate has risen to 3.3% in August, driven by a significant increase in energy prices.

According to Eurostat data, energy prices surged by 14.3% compared to last year, with high oil and natural gas prices contributing to the rise due to ongoing conflicts in Iran and disruptions in the Strait of Hormuz.

The latest inflation reading exceeds the European Central Bank's (ECB) 2% target, putting pressure on policymakers to raise interest rates at their September meeting.